Economic freedom
A) is harmed by having too many property rights.
B) is created when the nation imposes many regulations on businesses.
C) is founded, in part, on the rule of law.
D) is not important for nations to grow.
E) must come from a democratic government.
C
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When we solve the firm's dual production problem (i.e., maximize output subject to a cost constraint) by the method of Lagrange multipliers, the optimal value of the Lagrange multiplier equals the:
A) marginal product per unit cost of each variable input. B) marginal product of capital. C) marginal product of labor. D) marginal cost of production.
Powers of many regulatory agencies are designed to protect public health and safety.
Answer the following statement true (T) or false (F)
Sam owns a taco restaurant, and he conducted a consumer survey that indicates that the price elasticity of demand for his restaurant is 3.5. You would advise Sam to
A. Lower his price to increase revenue. B. Keep his price the same to maximize revenues. C. Offer more high-priced products. D. Raise his price to increase revenues.
Refer to the table below for a monopolist. A non-discriminating monopolist would maximize profits at a price and quantity of:
The following question is based on the demand and cost data for a pure monopolist given in the table below.
A. $250 and 2 units
B. $200 and 3 units
C. $150 and 4 units
D. $100 and 5 units